MIDDLE EAST

Saudi Arabia is planning to follow the United Arab Emirates in introducing a bankruptcy law to help its efforts to boost foreign investment into the oil-dependent economy, according to the Al Arabiya news channel.

Some formerly tolerated business practices in the Middle East’s financial services sector are now subject to clearly set out restrictions, says William Wells, director of Middle East sales at Schroders.

People moving to the UAE for the first time have a lot to think about and prepare. As a result, the British Embassy has launched its ‘checking in’ campaign, offering tips and advice on how to settle in quickly and smoothly.

The chief executive of a leading UAE advice firm has warned that increased regulation will reduce the survival prospects for many financial consultancy firms in the Emirates if the obvious warnings from regulators are ignored.

Peter Huber has been appointed chief executive of Zurich International, bringing together as one team the insurer’s international life businesses in the Middle East and Isle of Man and Zurich International Corporate Solutions, including Zurich Eurolife.

New capital requirements for licensed UAE insurance brokers will amount to a "cull" that could see the number of regulated firms drop by more than half, the heads of two large advisory firms operating in the region have suggested.

The government of the United Arab Emirates has issued a decree paving the way for its new value added tax (VAT) system to be implemented from 1 January 2018, which will cover the financial services sector.

In the furore over the removal of the tax exemption on foreign earnings, it has become clear that many South African expats are not fully aware of their existing tax obligations on offshore savings and investments and time is running out, warns Old Mutual Wealth’s David Denton.

An amnesty for expats working and living in Saudi Arabia illegally has seen more than 700,000 people take advantage of the scheme that will allow them to return legally in future, as the government prepares to track down those who opted to stay.

The cost of putting one child through education from pre-school through to university could reach almost AED1m (£211,456, $272,241, €232,584)for families in the United Arab Emirates (UAE), research from Zurich – Middle East shows.

Old Mutual International, the offshore arm of Old Mutual Wealth, has seen striking growth in cash inflows from clients in the Middle East during the first half of 2017, according to interim results posted on Friday.

A 23-year Zurich veteran, Walter Jopp has travelled around the world during his tenure. With roles in the UK, two stints in the US, Hong Kong and now Dubai, he has pretty much seen it all. Jopp talks to International Adviser about the raft of new regulation sweeping through the UAE and how the life company is busy preparing for the future.

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